General commercial and business risk that is usually accepted as a part of the firm’s normal operations in the market place. Profit is the reward for entrepreneurial risks.
Insurance Encyclopedia
Entry
Theft insurances cover loss by ‘entry’ when it is by forcible and violent means. Actual entry means the insertion of any part of the body, even if it is only a finger, into the premises, but the qualifying words preclude claims when people enter without having to break down the defences of the premises.
Entry age (Pensions)
The age at which an employee can become eligible to participate in a pension plan; usually this is age 65.
Entry date into claims made (Liability)
The effective date of a claims made liability policy, which is used to establish the maturity of the policy.
Environment Act 1995
Main provisions: creation of the Environment Agency (England and Wales) and the Scottish Environment Protection Agency; the contaminated land regime; protection of the aquatic environment; air quality management; and producer responsibility with the aim of recycling packaging waste significantly.
Environmental impact assessment (EIA)
A formal assessment of the total environmental effect of a project, process, product or development. It is a legal requirement for some specific projects.
Environmental impairment liability (EIL)
Claims-made policy covering legal liability to third parties for bodily injury or property damage arising out of gradual pollution. It also covers mandatory clean-up costs for both sudden and gradual pollution of the insured’s own and third party sites. Cover is sitespecific based on risk assessments. Multiple premises cover extends to product liability and work away risks. Some insurers reimburse voluntary costs incurred by the insured in taking emergency preventive action. Fixed premium policies can be written for up to five years. See CONTAMINATED LAND.
ENVIRONMENTAL IMPAIRMENT LIABILITY (EIL) INSURANCE
Most standard liability policies exclude pollution that is broadly defined as any irritant or contaminant that damages the environment. EIL insurance is a specialized coverage that fills this gap. Coverage is provided for negligent acts and/or omissions that result in damage to the environment.In addition to reimbursement of damages to third parties, EIL may also provide for cleanup costs.
Environmental impairment liability insurance
See: Pollution liability insurance.
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Insurance against liability for accidents or loss arising out of impairments of the environment by the insured, such as the escape of pollutants or smells, noises, vibration or heat.
Environmental Liability Directive (ELD)
Aims to establish a framework whereby environmental damage will be prevented and restoration carried out. Environmental damage is widely defined and includes water pollution, land contamination that poses a threat to human health and biodiversity damage in areas protected by European and national legislation. The person causing the damage is liable for the restoration. Insurance is not compulsory, although the proposal requires member states to encourage operators to use insurance or other forms of financial security. The proposed directive covers activities such as releasing heavy metals into water or the air, installations producing dangerous chemicals, landfill sites and incineration plants.